Gold is Below $1900

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In line with our expectations mentioned in yesterday’s note. Gold failed to sustain its gains above $1900/Oz and declined back all the way to $1888 during the Asian session today, leading the technical indicators to turn lower, especially the RSI indicator. In the meantime, we will keep Gold on watch for a possible long on the short-term next week. The current downside retracement may continue towards $1870 and $1850 which likely to hold and this is when we will be looking for new long positions.

S3 S2 S1 Pivot R1 R2 R3

1865.47

1880.83

1888.69

1896.19

1904.05

1911.55

1926.91

Nour Eldeen Al-Hammoury

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